Forum Energy Tech: Jumps on strong Q4 cash flow

Forum Energy Technologies

13/02/2020 16:50

** Shares of the oilfield services provider  FET.N  rise
10.8% to $1.18 
    ** FET reports a fall in operating expenses and reports free
cash flow (FCF) after capex of $26 mln  urn:newsml:reuters.com:*:nBw4tjzpka
    ** Strong (enough), lush FCF and decent bookings trump soft
revenue/EBITDA - Tudor Pickering Holt & Co
    **  Brokerage expects free cash generation to continue in
2020 and incremental divestitures to accelerate net debt
reduction through the year
    ** Q4 EBITDA falls ~49%, rev down 16.5% 
    ** Despite exceptionally low level of customer spending in
Q4, we continued to achieve strong FCF, reduce net debt and
inventory levels - CEO Cris Gaut
    ** CEO adds Forum's Q4 book-to-bill ratio was above one for
the first time in several qtrs 
    ** Stock more than halved in 2019

 (Reporting by Shanti S Nair in Bengaluru)
 ((ShantiS.Nair@thomsonreuters.com))